UK BCC is worried the economy is not ready for rate hikes

The British Chamber of Commerce is worried the economic conditions in the UK do not warrant a rate hike and hence, is surprised that the Bank of England is considering raising rates.

Key quotes

We’d caution against an earlier than required tightening in monetary policy, which could hit both business and consumer confidence and weaken overall UK growth

It seems extraordinary that the Bank of England is considering raising interest rates

BCC sees price pressures could peak soon

Business is being affected by political uncertainty, currency fluctuations and Brexit

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